Keywords
original institutional economics
economic insecurity
B15
B25
B52
J08
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Abstract
The article presents the concept of economic insecurity developed by John R. Commons, which is one of the determinants of activity in the market. Its intellectual background was based on the original (traditional or historical) institutional economics. This school of economics aspires to create an alternative to mainstream economics defined in terms of the neoclassical tradition. Economic insecurity or its opposite, economic security, can be explained by stressing the strategic role played by the present expectations of the stability of collective action guaranteeing everybody a share of the social output. Economic insecurity is also, to a large extent, a problem of confidence in the future. In the capitalist system, especially in times of economic crises, the action of the economic agents is dominated by economic insecurity. The economic analysis should therefore not ignore the broad aspects of motives of the economic action. According to institutional economics these motives go far beyond the rationality postulate, where the economic action is understood as a utilitarian behaviour of utility maximisation (or profit maximisation) under a budget constraint (or cost constraint). The study of economic insecurity involves various concepts, such as those of social relation, transaction, negotiational psychology, rights and duties, opportunities and the concept of futurity. The paper presents the evolution of insecurity and risk concept, the theories of public choice and especially groups of interest and, finally, describes the concept of economic insecurity as an institutionalised process by John R. Commons.
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